Malaysian International Shipping Corp signs contract with GdF

18-04-02 Malaysian International Shipping Corp (MISC) announced that it has secured a 3 + 1 year contract with Gaz de France (GdF) for the time charter of its LNG tanker called Tenaga Satu. The company said the contract marks a major milestone in MISC's history as this is the first time it has secured an LNG transportation contract outside of the Petroleum National Group.
Gaz de France is a major European gas utility company, which is also involved in exploration, production, trading, transportation, storage and distribution of natural gas. The company was queried by the KLSE about a report in a local business weekly which said that MISC is close to securing a sizeable third-party LNG shipping contract.

MISC currently has a fleet of 13 LNG tankers, the single largest owner operator of LNG tankers in the world. All 13 tankers, which account for 10 % of the world's capacity, are currently operating between Bintulu and Japan, South Korea and Taiwan.
The company said to further strengthen its position as the single largest owner operator of LNG tankers in the world, it currently has on order six additional tankers, two of which will be delivered later this year.
"The Gaz de France contract was secured following a competitive bid in November last year to fulfil Gaz de France's requirement for an LNG vessel size of between 120,000 and 138,000 cm," MISC said.

Tenaga Satu has a capacity of 130,000 cm and is scheduled to be delivered to Gaz de France in January 2003 after being refurbished. "The contract is for worldwide trading of the vessel, which will be fully manned by Malaysians," the company said.
The company said the contract is testimony to MISC's experience and reputation in the LNG transportation business and augurs well for the company's planned business expansion to move into and cater for the European and Atlantic LNG transportation business. The company will be setting up an LNG office in Europe for this purpose.